Minister of Finance, Colm Imbert, announced at the Budget Presentation this afternoon (Monday 26th September 2022) that the collection of property tax will commence in Fiscal 2023.
Minister Imbert stated, “...we are on track to commence collection of property tax in Fiscal 2023. The legal structure is already in place, but we intend to make some simple amendments before the end of the year to the Valuation of Land Act, to tighten and clarify the procedures for the gathering and processing of information and valuation of properties.” The Minister added, “...by August 2022, the Valuation Division had received 325,296 returns of property data. The Annual Rental Values (ARVS) of these properties are currently being assessed for insertion in the valuation roll. Within these 325,296 returns, the Division has in its possession information on over 200,000 residential properties, and is moving to complete the valuation of same in the first instance.” The Finance Minister also announced that the Trinidad and Tobago Revenue Authority (TTRA) has begun to build out its governance structure following the partial proclamation of certain sections of the Act in March 2022. “We appointed a strong Board of Management in June 2022, and we envisage that the TTRA will be operational in 2023 with an improved revenue administration combining the operations of the Inland Revenue Division and the Customs,” the Minister said. Watch the live stream of the ongoing Budget Presentation here. This is a developing story - refresh this page for updates. We are a small operation. If you've found our articles to be informative, please consider supporting us via PayPal or buying us a coffee. Your contribution is incredibly appreciated and goes a long way. Simply sharing our articles also helps us. Sign up for our free WhatsApp Alerts to be notified as soon as we post breaking news. NEW! Check out our Merchandise Store for high-quality t-shirts, hats and more!
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